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corrections | 17 October 2017

17 October 2017, USD/JPY

corrections

Wave Analysis:

During the previous trading day, instead of continuing short as forecasted, the US Dollar continues to pullback to the upper side but is still pretty much bearish on the weekly chart. We expect the upward rally that began earlier this week to be a mere correction of the impulsive wave (E) and should not go beyond the upper resistance trend line. As long as this trend line protects the upper side, we only interested in a short position towards the lower trend line. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell Usdjpy if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We're short towards the lower trendline.

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Bob Stan
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